Key Takeaways
- Sonic-based decentralized yield aggregator CrediX was hacked for $4.5 million.
- The attack took advantage of vulnerabilities in the platform’s access controls.
- The team behind the platform claims to have negotiated for the hacker to return stolen funds.
On Monday, Aug. 4, Sonic-based loan and yield aggregator CrediX suffered a $4.5 million loss after a hacker accessed crucial admin controls that let them drain funds from the platform.
Following the attack, CrediX announced on X that an agreement for the return of the funds had been reached with the hacker.
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CrediX Hack: What Happened?
Barely a month after its launch, CrediX was exploited in an attack that took advantage of vulnerabilities in the platform’s access controls.
According to an analysis by Halborn, six days before the theft occurred, the hacker used their access to grant themself a broad set of permissions.
Using these, they minted unbacked acUSDC tokens, which they swapped for real USDC before bridging it to Ethereum and laundering via Tornado Cash.
In response, CrediX’s administrators took the website down to prevent further deposits and urged users to withdraw funds via smart contracts.
Hacker Agrees To Return Funds
On Tuesday, CrediX announced on X that the exploiter had agreed to return the stolen funds within 48 hours. In return, they will receive money paid from the CrediX treasury, which is segregated from users’ assets.
Affected users will be airdropped their share of the returned funds, the post said. “We apologize for how this turned out and the distress caused to the Sonic community and our users,” it added
The attacker eventually agreed to return all $4.5 million. The platform called it a “successful parley” in its social media post but did not share the terms of the deal or the identity of the attacker.
An Inside Job?
While little is known about CrediX’s founders, the nature of the recent hack raises the possibility of it being an inside job.
Access control systems for decentralized protocols are typically tightly restricted, and permissions are usually only granted to trusted team members or multisig wallets.
Users on CrediX’s Telegram Channel have speculated that the alleged hack was, in fact, a rug pull.
At the time of writing, assets had not been reimbursed as promised CrediX’s X post.
Meanwhile, many users reported being unable to withdraw funds via smart contract due to insufficient liquidity in certain pools.
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